This week value based care was front and center in conversations from various corners of the healthcare industry. The focus ranged from the benefits of telemedicine to support a value based strategy, to ways in which value based care can serve as a key “fix” for the industry at large. Here’s what people were talking about.
Value via telemedicine
Patients may not use the term “telemedicine” but they know they like the convenience of conversing with their physician online via video or chat.In fact, nearly 79% of patients said they would talk to their provider using those platforms. Cleveland Clinic has discovered that these options encourage and grow value based care.
Because reimbursement is increasingly based on outcomes rather than volume, every patient encounter matters. That’s why Cleveland administrators first implemented telemedicine for urgent care, then expanded it to include follow-up appointments. “Providers need to be thinking about using telemedicine, if we really want to make a difference in our patients’ lives,” said Matt Stanton, senior director of distance health at Cleveland Clinic. In other words, increasing access through telemedicine increases value based care.
A call for national policy
The National Academy of Medicine released a report called “Vital Directions” that calls out “Competencies and Tools to Shift Payments from Volume to Value” as one of its priorities for creating a workable healthcare system for the nation. The report says that “From the standpoint of achieving the goals of higher-value care, policies to support care-delivery transformation are as critical as effective payment reforms. American health care needs to be reformed to bend the cost curve and to deliver better, less expensive care to patients, which is increasingly possible. Sharing solutions and collaborating on effective methods for reform throughout the industry not only can reduce disruptions in patient care but will encourage greater competition and collaboration on value in health care. The collective state of, and spending on, American health care has created a small window for the private and public sectors to coalesce around the adoption of value-based care.”
Practical advice for practices
The Interdisciplinary Autoimmune Summit featured presentations on how to create value-based care in rheumatology practices by focusing on seven areas. They included less geographic variation in care; use of shared medical records for research; a total joint registry; preventive health services; precision medicine; a center for patient-centered outcomes research; and systems integration.
Part and parcel in these discussions is the element of value-based payment systems. Paying for improved patient outcomes will be better in the long run for the nation than paying for volume services. Making it work requires robust revenue cycle analytics.
An efficient revenue cycle analytics solution is one of the cornerstones of patient satisfaction. Not only is it necessary to deliver the right care to the right patient at the right time, it’s also necessary to effectively pre-register and pre-authorize the patient. The ability to estimate patient pay at the time of service sets realistic expectations for patient pay and can increase patient satisfaction. Value based systems require one solution with increased efficiency.
This week’s conversation has highlighted the wide-ranging benefits of value-based patient care, value-based access and value based payment systems. It’s time for the healthcare industry to take that last long leap and achieve these goals for longevity, increased access to care and improved population health. See for yourself what the transition looks like.